Mumbai (Maharashtra) [India], Oct 11 (ANI): The Indian stock markets on Thursday opened in red with the Sensex witnessing a slump of 1008 points or 2.9 per cent to 33, 753 and the NSE Nifty 50 Index nosedived 316 points or 3 per cent to 10,144 amid the weak global cues.

The India rupee also touched a new low of Rs 74.46 per dollar plunging by 10 paise at Rs 74.30 per dollar versus previous close Rs 74.20.

Speaking to ANI, market expert Sunil Shah said, "People are now deciding to move their money out of any of the Asset classes as a trade war between the countries across the world is going on. I believe that the implications of the trade war will have an impact on the market in the longer term."

The Indian market indices have shown the downward trend as only 56 shares advanced against a decline of as many as 338 shares, while more than 3,000 shares remained stagnant.

Most of the shares belonging to metals, automobiles, banks, and pharmaceuticals sectors are bearing the maximum pain as the market has turned bearish. Top losers on the Sensex and Nifty include Yes Bank, Vedanta, Indiabulls Housing and Bajaj Finance.

Other Asian Stock Indexes such as Nikkei also plummeted by 4.35 per cent to 22,490.14 points and Shanghai Index is also down by 4.34 percent to 2,607.44.(ANI)